PONTIAC, Mich. -- An Oakland County circuit court judge ruled on Friday that the sale of the Pontiac Silverdome to a Canadian firm will stand.

The arena was sold last week at an auction to a Canadian firm for more than $500,000. It plans to use the dome as a home for a Major League Soccer team.

But a local company challenged the sale in court, claiming discrimination. Attorneys for the Silver Stallion said the company had been trying to purchase the Silverdome from the city for two years -- at one point offering nearly $60 million, but negotiations broke down.

"They would rather take $500,000 for the property than sell it to me for $7 million or $10 million, so you know, that's fine as long as it's your property," said H. Wallace Parker of Silver Stallion Development.

In November, Pontiac residents told Local 4 that they didn't understand why the 80,000-seat arena was sold to the Canadian firm for only $583,000.

"Look where it's located -- that's prime property," said Pontiac resident Joyce Allen. "The land itself it would be viable and it would be good."

Judge Edward Sosnick heard arguments for each side in November and temporarily blocked the sale, pending his final ruling. However, on Friday he said that he didn't understand why Silver Stallion tried blocking the sale because the company has known since February of 2009 that the Silverdome was going to go to auction.

"The court does not doubt that the plaintiffs in this case are truly concerned with the operation of their city and the wisdom of the decision to sell the Silverdome for the price at which it is being sold," Sosnick wrote in his ruling. "However, they do not appear to have legal standing. Moreover, the actions of the defendants in selling the Silverdome appear to have been taken in a manner consistent with the City Charter ..."

Download: Silverdome Ruling 12/17

Pontiac has been spending $1.5 million a year to maintain the Silverdome, which was built in 1975 for $55.7 million. The city has been trying to sell the stadium since the Detroit Lions moved to Ford Field in downtown Detroit in 2002.